Wike Budgets N470bn for 2017 Fiscal Year

UA Hapag-Lloyd shipping container is unloaded at the Port of Los Angeles in San Pedro, Calif., on April 8. Photograph by Patrick T. Fallon
  • Wike Budgets N470bn for 2017 Fiscal Year

Governor Nyesom Wike, yesterday, presented a budget of N470 billion for the 2017 fiscal year to the Rivers State House of Assembly for approval.

The budget tagged, “Golden Jubilee budget for accelerated development,” earmarked N329 billion for capital development and N141 billion for recurrent expenditure.

The governor explained that the administration would focus on achieving rapid development in all parts of the state, adding that the government would also tackle security challenges in the state to ensure that a conducive business climate was provided.

Wike also said his administration will give special attention to growth of education and the health sector, noting that it would also expand its internally generated revenue base in the coming year.

Ministry of Works got N77. 4 billion; Education, N30 billion and Health, N27 billion.

About N13 billion was earmarked for empowerment of women and youths. N14,160 billion went to the administrative sector, N115,245 bn to the economic sector and N125,630 to social sector.

Wike said funding will come from the Federal Allocation, the 13 percent derivation to oil producing states, Value added Tax, VAT, reimbursements and internally generated revenue.

“We are projecting an aggregate sum of N220 billion from FAAC, distributed as follows: N23bn from Statutory Allocation, N102bn from 13 percent mineral derivation fund, N16.6 bn naira from VAT, N8bn exchange gain, N70bn for Paris Club and other reimbursements, and N400m from capital receipts,” he said.

“We are also projecting to generate an aggregate sum of N168, 857,926,276, from IGR,” he said.

He said his administration had taken steps since it came on board to eliminate wastage of public funds, stressing that it will remain focused on delivering dividends of democracy to the state.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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